iGowise Allocates INR 100 Crore for R&D Over Next Three Years
This planned investment aligns with the National Deep Technology Startup Policy (NDTSP), which aims to transform India into a global hub for deep technology innovation while addressing social challenges and promoting job creation.
December 04, 2024. By Aishwarya
Currently, India is only investing 0.65 percent of GDP in R&D, which is significantly behind countries like China, which has a 2.65 percent allocation for R&D.
This planned investment aligns with the National Deep Technology Startup Policy (NDTSP), which aims to transform India into a global hub for deep technology innovation while addressing social challenges and promoting job creation. The investment worth INR 100 crore will be raised through internal financing, angel investments, and government grants.
iGo plans to use the funds to focus on upcoming projects and upgrading the world’s first twin-wheeled motorcycle with Level 5 advanced active-balancing. It will also focus on an AI-powered autonomous guidance system for light EVs, paving the path of shared mobility on congested urban roads.
The central government is planning an INR 9000 crore investment to boost critical EV components, and iGo is committed to doing its bit to enable this transformation by doubling its R&D spending year-on-year. The following investment will also focus on developing anti-topple tilting, L2 self-balancing technologies, and all the regulatory approvals for the world's first road-legal high-speed trikes.
It aims to accelerate innovation by working with in-house and external researchers and engineers. Sravan Kumar, founder of iGo, explained that iGo's focus on proprietary technology will strengthen its Indian intellectual property portfolio.
“Our commitment aligns with NDTSP's vision to position India as a global technology exporter. So far, the bulk of current EV investments are only going into high performance and efficiency. iGo, on the other hand, is hell-bent on improving safety, comfort, capacity, and accessibility in the small vehicle space (2Ws and 3Ws), which forms the cornerstone of our economy, both urban and rural. We are highly inspired by Tesla’s approach to innovate and collaborate by opening up our IP for others to build upon. We aim to democratize the light EV sector by enabling many micro-brands emerging from Bharat to redefine global mobility,” he added.
iGo has bootstrapped with INR 3 crores for R&D in its first 3 years, and in the past 15 months, it raised INR 5 crores from investors such as AIC-ISB, 888VC, Invstt Trust, and over 40 angel investors. With the current R&D, iGo has 12 patents, and its vision for the next 12-36 months includes pioneering advancements to enhance safety.
It plans to focus on the L5 self-balancing tilting trike, the L3 auto-summoning light EV with AI navigation, a Featherlite ultra-strong space-frame body, and an all-wheel-drive light EV with all-terrain active suspension capabilities. With its planned R&D, the deep tech company is ready to redefine mobility and foster innovation globally from India.
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